Markets open high on upbeat global cues, NIFTY reclaims 22,000, SENSEX gains over 500 points
Upstox
2 min read • Updated: March 21, 2024, 10:32 AM
Summary
Global markets rejoiced after the Federal Reserve’s decision to hold the rates unchanged for the fifth consecutive time. As a result, all major global indices posted strong rallies across the board.
Indian markets open higher, with benchmark indices NIFTY50 and SENSEX gaining 0.6% and 0.7% respectively in line with buoyant global markets. The Asian markets are trading higher across the board after a strong rally in US markets overnight. The US markets closed higher as markets rejoiced after the Federal Reserve's outcome to hold interest rates unchanged.
The US Federal Reserve kept the interest rates unchanged at 5.5% for the fifth consecutive time in March 2024. Further, the central bank also signalled a probability of 3 rate cuts in 2024. However, the target inflation rate of 2% remains unchanged, and the road to achieving that target could be bumpy, said Federal Reserve Governor Jerome Powell.
On the broader indices front, the Midcap 100 and Smallcap 100 outperform benchmark indices in morning gains. The Midcap 100 is trading higher by 1.5% at 46,581 levels, and the NIFTY smallcap is trading at 14,813 levels, up by 1.5%
The sectoral indices opened positive on Thursday morning; NIFTY Metal and PSU Bank are leading the pack with 2% gains each. Below are key stocks that are in focus due to overnight developments
Stocks to watch
Torrent Power shares are trading 1% higher after the company announced signing a share purchase agreement with Solapur Transmission for a 100% stake to establish a transmission system to evacuate power from renewable energy projects in Maharashtra.
Wipro appointed Anne-Marie Rowland as CEO of Capco, a global technology management consultancy company of Wipro. Shares of Wipro are trading higher by 1.7%.
TVS Motors approved the issuance of non-convertible redeemable preference shares up to ₹1,900 crore via the bonus. Shares of TVS motors are trading 0.95% higher.
RVNL emerged as the lowest bidder for a railway project worth ₹167 crore for Southeastern Railways. Share prices of RVNL are trading higher by 2.8% on Thursday morning.
RateGain Travels shares rose 3% in early morning trade after the US-based Brightline Trains chose Airgain, a RateGain product, for advanced rail and airline pricing intelligence in US rail markets.